Message #9 From:
Stock News Bot Date: December 12, 2006 08:46:00 AM
RIG News Transocean Inc. Semisubmersible Rig Sedco 703 Awarded Contract from Woodside
HOUSTON--(BUSINESS WIRE)--Transocean Inc. (NYSE:RIG) today announced that a subsidiary of Woodside
of Australia (ASE:WPL) has awarded the semisubmersible rig Sedco 703
a one-year contract for drilling operations offshore Australia, where
the rig is currently operating. The contract is expected to commence in
August 2007, following the completion of current contract commitments.
Revenues that could be generated over the one-year contract are
approximately $159 million.
The Sedco 703 is one of 20 Other Floaters, or mid-water rigs, in
the Transocean Inc. fleet, and is capable of operating in water depths
of up to 2,000 feet. The rig entered service in 1973 and was upgraded to
its current specifications in 1995.
Transocean Inc. is the world's largest offshore drilling contractor with
a fleet of 82 mobile offshore drilling units. The company's mobile
offshore drilling fleet, consisting of a large number of
high-specification deepwater and harsh environment drilling units, is
considered one of the most modern and versatile in the world due to its
emphasis on technically demanding segments of the offshore drilling
business. The company’s fleet consists of 33
High-Specification Floaters (semisubmersibles and drillships), 20 Other
Floaters, 25 Jackups and other assets utilized in the support of
offshore drilling activities worldwide. With a current equity market
capitalization in excess of $23 billion, Transocean Inc.’s
ordinary shares are traded on the New York Stock Exchange under the
symbol "RIG."
